Does anyone know what true retainer fees mean?

Question

I hired an attorney to represent me and he asked me for a quite large amount of money. He mentioned that will be a true retainer.

Answer 1

A retainer is supposed to be deposited in the lawyer's client trust account and remain the property of the client until used for fees or expenses. Some lawyers might misuse the term "retainer" to mean "minimum fixed fee." That is not a retainer, it is a minimum fixed fee. Nothing illegal about it, but make sure the lawyer is clear. No doubt his engagement agreement will spell out what he means by a "true retainer."

Answer 2

Bottom line up front: A "true retainer" is the modern term used to clarify that money paid is in exchange for becoming the client of an attorney. It is the current term used to distinguish the classic usage of the word "retainer" from the incorrect modern usage of the term, described below.

Historically, attorneys have charged sums of money in exchange for the privilege of becoming their client. These sums, which are not fees paid for time or fixed fees for work performed, are called retainers. An attorney's "retainer fee" should be considered money you pay in exchange for the attorney's availability to dedicate his time or effort to your cases or matters. In small towns it is possible to prevent your opponents or adversaries from hiring attorneys by having all of the best attorneys "on retainer."

In modern times, many attorneys misuse the term "retainer" when they really mean "fee advance" or "fixed fee." If the money you are paying to a lawyer is applied to their hourly efforts, it is a fee advance which may be either refundable or nonrefundable. Fixed fees are similar, except that it is given in exchange for a result or specific efforts.

Very few attorneys charge a "true retainer" these days. It does not appear that the attorney you describe really knows what the term means, he appears to be charging you a fixed fee.

For a helpful description and discussion of the topic from The Florida Bar, see the source document linked hereto.

Answer 3

A retainer is an amount of money a attorney may request in order to represent you. In most cases, it is non refundable, though credited against any fees incurred in your case.

Some attorneys will return unused portions of your retainer, but it is strictly up to the attorney.

Answer 4

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Answer 5

It means that you give him a down payment and if you lose, you also lose your money and then you have to pay him the rest.